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Australians are falling deeper into debt, a report from the Reserve Bank has found.
According to the report, Australians have more than $1.9 trillion in outstanding debt – more than one and a half times the country’s economic output.
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The major banks account for 70 per cent of all outstanding credit, while other banks accounted for 17 per cent, financial corporation’s 6 per cent, building societies and credit unions 3 per cent and the remaining 4 per cent was classed as ‘other’.
The figures demonstrate the continuing dominance of the big four banks.
In June this year households accounted for more than 61 per cent of the country’s debt.
A report on the ABC said in 1989 households only accounted for 36 per cent of total private debt - meaning businesses were the biggest borrowers.
Today however, businesses account for only 39 per cent of the country’s debt with household responsible for 61 per cent.
